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Deductions & credits
I expect the refi is not an issue here since you state there wasn't any cash out. But the HELOC interest may or may not be deductible. It depends on what you used the HELOC money for, as well as "when" you used it.
For example, if you took out the HELOC in 2018 and just banked that money until 2020, then for 2018 and 2019 that interest was not deductible. If you used that money in 2020 to "build, buy, or substantially improve your primary residence", then the interest paid in 2020 would be claimed as an itemized deduction on SCH A.
‎April 4, 2021
8:00 AM